Steering Columns System Industry Global Research Report on Manufacturers

“Steering Columns System – Global Market Outlook (2015-2022)”

ReportsWeb.com adds “Steering Columns System – Global Market Outlook (2015-2022)” report to its research database. The report assessments market share for the regional and country level segments.

the global Steering Columns System market is estimated at $13.55 billion in 2015 and is poised to reach $16.65 billion by 2022, growing at a CAGR of 2.98% from 2015 to 2022. Favorable growth in the automotive industry is a key factor boosting the steering columns system market. Furthermore, increasing demand for high mileage & safer vehicles and growing market in emerging regions such as Asia Pacific is expected to drive the market. Passenger Cars segment is likely to acquire the highest market share during the forecast period, driven by increasing demand for low fuel and power consumption vehicles. However, commercial vehicles segment is expected to witness the highest growth rate.

In 2015, electric power steering system commanded the largest share in steering columns system market and is expected to dominate the market throughout the forecast period. The dominance is mainly due to advancements in technology and fuel efficiency provided by the electric power steering system. Asia Pacific leads the global market and is expected to continue its dominance during the forecast period. The growth is mainly attributed to rising automotive industry in emerging nations such as India and China.